Benefits Management Practices for Project Success Essay
Regarding the tendency towards the further rise of the significance of business and its substantial impact on the modern society and economy, the sphere of management acquires the top priority. Numerous approaches to monitor the functioning of diverse enterprises and companies and enhance their performance appear every day. This process is stipulated by the increased need to create a particular competitive advantage and preserve leading positions.
However, some aspects of management still lack empirical evidence related to the peculiarities of their implementation in the functioning of companies and outcomes they might guarantee. Benefits management (BM) is one of these approaches. Thus, the paper The impact of project management (PM) and benefits management (BM) practices on project success: Towards developing a project benefits governance framework by Amgad Badewi delves into this issue.
The pivotal aim of this research work is the investigation of the relations between successful outcomes in numerous areas to evaluate the role of efficient project management and its ability to precondition the overall success of the project investment success. Moreover, the author also suggests and proves the idea that the combination of BM and PM might significantly increase the probability of success and create the basis for companies further rise. In such a way, the paper touches upon the sphere of management to provide additional knowledge that might be helpful in filling the existing gap and enhancing understanding of advantages that come from BM.
To reveal the central peculiarities of this method and improve the comprehension of the approach, Badewi introduces a literature review section containing the basic assumptions related to BM and PM and their roles in the modern business world. Thus, the author manages to collect credible evidence that supports his idea by outlining the benefits and advantages the use of the discussed approaches bring to companies that implement BM and PM into their functioning.
At the same time, Badewi conducts his own research interviews, observation, and focus groups to understand how BM and PM could be combined and evaluate their outcomes in real-life settings. As the central research tool, a specific online survey containing five sections (project management success, project investment success, benefits management practices, project management success, and organization related information) was designed to collect data needed either to prove or to refute the hypothesis.
Two hundred valid responses were used as the background for further discussion and conclusion related to the efficiency of the suggested approach. Badewi also introduces the definition of the project success to use as a central point in discussing the possible benefits of using BM and PM to enhance performance and attain improved results.
Altogether, having conducted a study, the author comes to a conclusion that the application of project management practices, both BM and PM, have a significant impact on the overall success of a particular affair and on the investment success. Badewis findings support the idea that the combination of the above-mentioned approaches ensures outstanding results. Companies that combine PM and BM in one business venture become able to achieve a significantly better result if compare with organizations that use PM or BM only.
In such a way, the paper proves the efficiency of the suggested approach and provides essential data related to the sphere of benefits management and its applicability in a real-life setting to attain project financial and overall success.